Infrastructure Fund Success Story
Model Audit

Infrastructure Fund

Acquisition Model Audit

Giving confidence to the lenders to a leading Infrastructure Fund regarding the forecasts of an acquisition target.

Independent validation

We provided commentary on inherent assumptions in the model to ensure a full understanding of the finer details.

Supporting negotiations

A variety of changes during contract negotiations required model updates to be examined during the audit process.

Deadlines met

Tight timescales were met at various stages by our team’s flexibility and dedication.


Our client, an infrastructure fund with over €3bn under management, was negotiating the acquisition a group comprising a number of social infrastructure businesses in the Nordic region.

The model logic provided analysis for the equity holders and lenders to the deal, which was to be underwritten by an arranging bank and would later be syndicated. The deal was being negotiated in parallel to the model audit being performed.

Infrastructure Fund Success Story - Solution

We used our nXt model auditing tool to identify all the unique formulae in the workbook. Our team examined the logic of each unique formula to validate it based on the requirements of the deal. We reported all issues we found to the fund manager for them to be addressed. A revised version of the model was then compared to the original and changes were also validated. A couple of twists during the negotiation necessitated significant changes which were reviewed within the deal timetable.


We provided assurance to the fund and lenders, and provided documentation of inherent assumptions that applied to each party. Late changes in the deal were accommodated by further iterations of the compare and report cycle, including an additional tranche of debt being added. Good communication and project management ensured we met all deadlines at each stage of the process.

Infrastructure Fund Success Story - Results
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